Virtual Reality Market worth 33.90 Billion USD by 2022

The objectives of the report include defining, describing, and forecasting the global market on the basis of VR component, technology, device type, application, and geography. Virtual reality technology-based devices are used in application areas such as consumer, commercial, aerospace & defense, medical, industrial, and so on.

The report “Virtual Reality Market by Component (Hardware and Software), Technology (Non-Immersive, Semi- & Fully Immersive), Device Type (Head-Mounted Display, Gesture Control Device), Application and Geography – Global Forecast to 2022”, The virtual reality market is expected to grow from USD 1.37 Billion in 2015 to USD 33.90 Billion by 2022, at a CAGR of 57.8% between 2016 and 2022. The increasing use of head-mounted displays (HMDs) in the entertainment and gaming sector, declining prices of displays and other hardware components of HMDs, and use of VR for training and simulation in the defense sector are the major factors driving the virtual reality market.

The virtual reality market for software components is expected to grow at the highest rate and dominate the virtual reality market between 2016 and 2022, owing to the increasing adoption of VR software platforms and applications across the globe. The increased use of mobile VR would help drive the growth of the VR market for software components.

Consumer application held the largest market share in 2015

The consumer application is expected to hold the largest market share and lead the virtual reality market between 2016 and 2022. The VR technology is used for consumer applications such as gaming and entertainment. The use of VR in various gaming types such as PC gaming, gaming consoles, Internet games, smartphones, and tablets would drive the VR market for the consumer application.

North America expected to hold the largest market share

North America is expected to hold the largest share of the virtual reality market between 2016 and 2022. Virtual reality has been rapidly adopted in this region, owing to the extensive R&D and presence of several VR companies in this region. Most of the companies offering VR technology are located in the U.S.